World politics, war and interest rate hikes have elevated fears over the economy with high gas prices fueling market woes.

Some Democrats want legislation that can stem the tide and throw off the handcuffs of the Federal Trade Commission. 

U.S. Rep. Katie Porter, D-Calif., has co-authored the Consumer Fuel Price Gouging Prevention Act, which would tighten regulation on the oil industry as it experiences record profits.

Over the years, Republicans have pushed the expansion of oil drilling in multiple forms from offshore, federally protected waters, to fracking. Porter said oil production isn’t the problem, and that producers are willfully spiking the prices.

“If these companies needed to do more oil exploration, they wouldn’t be spending money on stock buybacks and enriching their executives,” she said.

Russia’s invasion of Ukraine has disrupted the oil trade and further strangled supply chain problems. Costs at the pump catapulted upward after rock-bottom prices during the pandemic. President Joe Biden already authorized the release of the millions of barrels of oil from federal reserves and encouraged state leaders to compel producers to produce as much oil as possible. 

Porter’s proposal would give the FTC the authority to investigate high gas prices that she thinks are far beyond what the industry needs to maintain profits. 

“At a time when people in the 8th District and across the country are feeling the pinch at the gas pump, Congress needs to be doing all it can to bring down costs for American families. What’s infuriating is that this is happening at the same time that gas and oil companies are making record profits and taking advantage of international crises to make a profit. This must stop,” said U.S. Rep. Kim Schrier, D-Wash., who co-authored the bill, in a release. “Gas and oil companies should be held accountable and should not be making the situation worse by gouging Americans at the pump. This bill needs to be passed and signed into law as soon as possible.”

Porter has also supported another bill which would tax oil producers called the Big Oil Windfall Profits Tax.

“Revenue raised from the windfall profits of big oil companies will be returned to consumers in the form of a quarterly rebate, which would phase out for single filers who earn more than $75,000 in annual income and joint filers who earn more than $150,000,” said the office of U.S. Rep. Sheldon Whitehouse, D-R.I., in a news release. “At $120 per barrel of oil, the levy would raise approximately $45 billion per year. At that price, single filers would receive approximately $240 each year and joint filers would receive roughly $360 each year.”

With the midterms fast approaching, Democrats face pressure as gas prices remain high and world markets continue to plunge. The party holds narrow leads in the House of Representatives and the U.S. Senate, with fears among party leaders that both will be lost.

“I expect to see strong support for this. Our Federal Trade Commission is our cop on the beat,” Porter said.